BRICS leaders call for transparent, inclusive international trade

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India and four other nations on Friday called for rules-based multilateral trading system, as embodied in the WTO, to ensure transparent, non-discriminatory, open and inclusive trade, amidst growing protectionism.

Narendra Modi, Russian Vladimir Putin, Chinese Xi Jinping, South African and President met here on the sidelines of the Summit and exchanged views on political, security and global economic-financial issues, as well as challenges facing sustainable development.

In a joint press statement after the meeting, the five leaders said reiterate our commitment to working together to strengthen multi-lateralism and promote a fair, just, equitable, democratic and

"We exchanged views on international political, security and global economic-financial issues, as well as challenges facing sustainable development," the statement said.

They also deplore continued terrorist attacks, including against some countries and condemned terrorism in all forms and manifestations.

"We urge concerted efforts to counter terrorism under the UN auspices on a firm international legal basis. We call upon all nations to adopt a comprehensive approach in combating terrorism, including all the elements identified in the Johannesburg Declaration," they said.

They expressed their commitment to the full implementation of the Paris Agreement adopted under the principles of the UNFCCC including the principles of common but differentiated responsibilities and respective capabilities, it said.

"We call upon all countries to reach a balanced outcome under the Paris Agreement Work Programme during COP-24 that enables operationalisation and implementation of the Paris Agreement. We stress the importance and urgency of conducting a successful and ambitious first replenishment process of the Green Climate Fund," the statement said.

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They urged the developed countries to provide financial, technological and capacity-building support to developing countries to enhance their capability in mitigation and adaptation, it added.

Amid the ongoing war between the US and China, the leaders also underlined the need for a dispute settlement mechanism of the for its proper and effective functioning and to give members the required confidence to engage in future negotiating in the

"We reaffirm our full support for the rules-based multilateral trading system, as embodied in the WTO, to ensure transparent, non-discriminatory, open and inclusive international We express our common readiness to engage in frank and result-oriented discussions with other members with a view to improving the functioning of the WTO," they said.

"The spirit and rules of the WTO run counter to unilateral and protectionist measures. We call on all members to oppose such WTO inconsistent measures, stand by their commitments undertaken in the WTO and rollback such measures of a discriminatory and restrictive nature," they said in the statement.

The leaders urged that the appellate body selection process be initiated immediately, as an essential prerequisite for the stable and effective functioning of the WTO dispute settlement system.

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Welcoming the Argentine Presidency's theme of building consensus for fair and sustainable development and its focus on the future of work, infrastructure for development and for sustainable future, the leaders said that infrastructure for development and commitment to contribute to bridging the global infrastructure gap was important.

"We advocate for a strong global financial safety met with an adequately resourced, quota-based (IMF) at its centre. To this effect, we reaffirm our commitment to the conclusion of the IMF's 15th Review of Quotas, including a new quota formula so as to ensure the increased voice of the dynamic emerging and developing economies to reflect their relative contributions to the world while protecting the voices of the least developed counties, by the 2019 Spring Meetings and no later than the 2019 Annual Meetings," the statement said.

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